Overview and Position Description:
The identification, measurement and management of risks associated with the design, launch and distribution of financial products to its client base are key functions of a risk manager for a Wealth Management business. This "Product Risk" may be defined as the risk of loss to a Firm that arises from the financial products it distributes to its clients failing to perform as originally designed or anticipated.
The WM Risk Management function is looking for an individual to drive the further development of its Product Risk oversight regime and to assist in driving the WM new product approval oversight process - Specifically to fill the position of ED - Product Risk Manager, based at the firm's Westchester, NY campus.
The WM New Product approval process as administered by the Global Products Committee (GPC) and its 2 main product focused subcommittees (Product Review Committees (PRCs)). Each of the PRCs focusses on approving new Advisory (Fee Based) and Security (non-Fee based) products respectively.
Primary Job Responsibilities include:
• Develop & enhance the regime by which the Product Risk is identified, measured & managed such that over concentrations of risk in the firm's AUM are identified and mitigated in a timely manner.
• Orchestrate the end-to-end formal new product approval process in order to facilitate a reliably comprehensive, efficient and expeditious review of proposals.
- Initially review formal new product proposals (NPAs) to ensure key client, business, risk and regulatory considerations are addressed.
- Monitor functional NPA review process, working closely with key representatives from GPG, functional areas and business sponsors.
- Manage assignment and closure of pre- and post-launch restrictive conditions.
- Coordinate post-launch and periodic ongoing product reviews, work with appropriate parties to close post-launch conditions and various follow-ups.
• Acting as Vice-chair of one of 2 PRC subcommittees of the Global Product committee - specifically administering and facilitating the activities of the committee.
• Acting as Secretary to the Global Products Committee.
• Address regulatory and audit related requests regarding the new product approval process.
• Coordinate weekly & monthly new product reporting for senior risk and business management.
• Policy and procedures development, implementation and education.
• Liaise with NPA Risk Managers in other divisions and the Firm's Strategy & Execution team.
• Manage the short-term/long-term product proposal pipeline as well as the GPC agenda.
• At least a Bachelor's degree in a quantitative discipline and minimum of 5 years of relevant experience within financial services industry.
• Strong analytical skills.
• Strong organizational and coordination skills, ability to manage multiple priorities simultaneously under pressure.
• Attention to detail, high level of initiative and resourcefulness and ability to problem solve, demonstrate good business judgment and integrity.
• Excellent written, verbal and interpersonal communication skills.
• Proactive; self-motivated and goal-oriented.
• Ability to work effectively with business and functional professionals at all levels within the firm.
• Knowledge of:
- Financial products/services offered to individual (and certain institutional) investors,
- The potential client and business risks associated with these products/services in a wealth management organization.
• Understanding of the regulatory environment surrounding the wealth management business.
• Series 7 Registration preferred.
A little about us:
Since its founding in 1935, Morgan Stanley and its people have helped redefine the meaning of financial services.